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Free Enterprise System
Benefits of a Free Enterprise System
Foundations of Free Enterprise
Business Cycles
GDP
100

Government protected rights of individual to own property

What is Private Property

100
Freedom to buy or sell from whomever, wherever, and whenever
What is Individual Freedom of Consumers and Producers
100
The freedom of individuals to invest their CAPITAL in businesses of their choice in hopes of making money
What is Capitalism
100
The economy stops growing, GDP reaches maximum - businesses can't produce anymore or hire more people
What is Peak
100
Market value of all final goods and services produced within the boarders of a country during a year
What is GDP
200

Offered to stimulate profits for businesses and employees

What is Incentives

200
Multiple choices of goods to buy or sell both related and unrelated
What is Variety of Goods
200
Businesses are FREE to operate with...
What is little government regulation
200
Two consecutive quarters of positive GDP growth, leads to an unemployment rate under 5% and a rate of inflation of more than 2%
What is Expansion
200
Price when a good or service sells in the market place
What is Market Value
300

Individuals have the ability to freely make basic economic choices

What is Economic Freedom

300
Prices change due to a variety of Factors
What is Responsive Prices
300
Fosters product development and lower pricing - good for Businesses and customers!
What is Competition
300
Two consecutive quarters of negative GDP growth, Leads to unemployment rates over 5% and a rate of inflation of less than 2%
What is Recession/Contraction
300
End product of the user
What is Final Goods & Services
400
Rivalry among producers or sellers of similar goods and services to win more business
What is Competition
400
The opportunity to invest resources in businesses
What is Investment Opportunities
400
Businesses' product decisions (quality, quantity & price) are driven by .....
What is Customers
400
Economy "bottoms-out" high unemployment and low spending, stock prices drop as well
What is Trough
400
Components of a final product and are not covered separately to avoid double counting
What is Intermediate goods
500
Provides rules, regulations and public infrastructure to encourage economic activity from the private sector
What is Limited Role of Government
500
The ability to create wealth through businesses and investments
What is Creation of Wealth
500
Ownership of _______ ________ (and other assets) by individuals or businesses allows full control of decision making
What is Private Property
500
Systematic changes in real GDP marked by alternating periods of expansion and contraction
What is Business Cycles
500
The rise in general level of prices of goods and services in an economy over a period of time
What is Inflation